The new Marketplace will incorporate key learning from the first African Diaspora Marketplace (ADM), by focusing grants toward priority, high-impact sectors in Africa, including agribusiness, renewable energy, and information and communication technology (ICT). To expand upon their previous success, Western Union and USAID will invite small business investment funds and technical assistance mentors to participate in the effort to engage Diaspora entrepreneurs.

ADM will award 15-30 winning businesses with matching partnership grants of up to but not exceeding USD 50,000 with accompanying technical assistant.

The Selection process:

Africa Diaspora Marketplace (ADM) implementation team will review the pool of applicants and will narrow the group to approximately one hundred applicants by March 2012. These applicants will be invited to submit full business plans.

ADM II will select the top fifty from this pool as finalist.

The finalists will be invited to Washington, D.C., where an “ADM II Marketplace” will be held in June 2012. The marketplace will allow them to showcase their business ideas/concept directly to the judges who will select the winners.

The final fifty will be reviewed by an international panel of twelve judges.

A major distinguishing factor of ADM II will be a follow on financing round for winners. This Year’s ADM will feature a follow on social investor forum hosted by the Tony Elumelu Foundation (TEF) in Lagos, Nigeria.

The forum will be reserved for ADM winners who have successfully met their grant milestones. The Forum will serve as a transition point for them to move from soft funding to hard funding. It will be a true test of the commercial viability of their venture. It will be in many instances be first live pitch to investors. The funding from the forum would be an actual investment that would range from USD 150,000 and USD 300,000.

“Through lessons learned from over two decades of building successful businesses in Africa, I firmly believe that Africa’s economic transformation can be driven from within by the continent’s own entrepreneurs,” says Tony O. Elumelu, MFR, Founder of The Tony Elumelu Foundation. “As an African foundation, we are pleased to participate in this innovative effort with Western Union and USAID as a way to bring African talent and innovation back home”

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A professional journalist and emerging writer, Jen Ehidiamen is committed to exploring and using the Media as an advocacy tool for Youth development and empowerment. Her passion for youth development is also reflected in her column called “Dis Generation” in The Nation newspaper. She is currently CP-Africa's Features Editor.